US drops in worldwide economic freedom ranking

The national debt in the United States is currently above $14.8 trillion, and growing rapidly. That’s over $130,000 per taxpayer.

A recent report out of the Fraser Institute, titled “Economic Freedom in the World: 2011 Annual Report”, ranks economic freedom and potential among 141 different nations. The report found that the United States has dropped to tenth place over the last decade.

The following chart lists the top ten economically free countries and their 2009 ratings (the most recent data available) in order of rank:

Rank

Country

Rating

1

Hong Kong

9.01/10

2

Singapore

8.68/10

3

New Zealand

8.20/10

4

Switzerland

8.03/10

5

Australia

7.98/10

6

Canada

7.81/10

7

Chile

7.77/10

8

United Kingdom

7.71/10

9

Mauritius

7.67/10

10

United States

7.60/10

The report measured rank based on size of government: expenditures, taxes and enterprises; legal structure and security of property rights; access to sound money; freedom to trade internationally; and regulation of credit, labor and business.
What are the main reasons for the United States’ decline?

The world’s largest economy, the United States, has suffered one of the largest declines in economic freedom over the last 10 years, pushing it into tenth place. Much of this decline is a result of higher government spending and borrowing and lower scores for the legal structure and property rights components.

At some point in our personal lives most of us have experienced burdensome debt, and we understand the limits it puts on our freedom to make certain decisions affecting our lives.

This report suggests that the United States’ growing debt load is threatening our worldwide status as a free and prosperous nation.